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"Popeyes is a powerful brand with rich Louisiana heritage that resonates with guests around the world," RBI CEO Daniel Schwartz said in a release.

Cheryl Bachelder, Popeyes' CEO, was pleased with the sale, as well.

"As Popeyes enters its 45th year, it's success reflects the amazing brand entrusted to us by founder Al Copeland, Sr., and the unique high trust partnership that we enjoy with our franchise owners," she said.

Popeyes shareholders will receive $79 in cash per share at the close of the sale, which is expected by early April 2017.